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Conoil shareholders to get N1.39bn dividend


Shareholders of Conoil Plc have unanimously approved the payment of N1.39 billion dividend proposed by the board of the Company, for the 2019 financial year.

In a statement on Sunday, the company said that shareholders would get a dividend of 200 kobo on every 50 kobo ordinary share.

The shareholders were unanimous in their commendation for the board and management for the company’s performance and consistency in the payment of dividend, Conoil said at its virtual 50th Annual General Meeting held by proxies on Friday in Lagos.

The company’s profit before tax according to its audited financial results for the 2019 financial year, grew by 10. 4 percent to N2. 83bn while profit after tax also grew by 9. 8 per cent to N1. 97bn.

The major fuel marketer also grew its total assets by 4. 4 per cent to N63. 6bn, while interest expense dropped by 26 per cent to N1. 1bn.

The Chairman, Conoil Plc, Mike Adenuga Jr., in his address to the shareholders, said, the impressive financial results were in fulfilment of the promise to shareholders of better execution of value-added products and services.

The company has set an ambitious growth strategy for the next five years, driven by innovation and market penetration, according to Adenuga.

Source PUNCH
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